Based on estimates from the Department of the Treasury, Office of Revenue and Economic Analysis, New Jersey’s total revenues for fiscal year 2012 will be close to $29.4 billion, including the Governor’s proposed tax cuts. Total fiscal year 2012 revenues are $1.11 billion or 4% above the revised fiscal year 2011 projected level. Fiscal year 2012’s projected growth in revenues is consistent with ongoing improvement in the State’s economy. New Jersey’s economy is expected to grow steadily in calendar year 2011, with gradual improvements in labor market conditions, and gain additional momentum in 2012. On the whole, the outlook for the State’s economy is roughly in line with forecasts for national trends, and the projected improvement in revenues will also be in line with national developments. The start of significant and ongoing tax reform in New Jersey will bring greater economic growth.
FY2012 Revenue Estimate includes $200 million of tax cuts
** All Sales Tax and Corporation Business Tax on Energy are included in Other